Income Tax Act 2007

CB 6 Disposal: land acquired for purpose or with intention of disposal
Income

(1)

An amount that a person derives from disposing of land is income of the person if they acquired the land—

(a)

for 1 or more purposes that included the purpose of disposing of it:

(b)

with 1 or more intentions that included the intention of disposing of it.

Exclusions

(2)

Subsection (1) is overridden by the exclusions for residential land in section CB 16 and for business premises in section CB 19.

Land partially disposed of or disposed of with other land[Repealed]

(3)

[Repealed]

Defined in this Act: amount, business, dispose, income, land

Compare: 2004 No 35 ss CB 5, OB 1 “land” paragraph (a)(i)

Section CB 6(3) heading: repealed (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 30 March 2017, pursuant to section 8(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section CB 6(3): repealed (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 30 March 2017, by section 8(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).